MURRAY HILL, N.J. (AP) -- C.R. Bard, the medical device maker, is buying privately-held Medafor Inc. for $200 million.
Medafor makes Arista MPH Hemostat, a hemostatic agent that helps stop bleeding. C.R. Bard said Monday that the market for surgical hemostats is worth more than $1.4 billion. It expects the acquisition to add about 1 percent to overall revenue growth in 2014.
"This technology platform represents an important building block for our surgical specialty product offering and provides a global footprint for continued expansion," said Chairman and CEO Timothy Ring.
The deal is expected close later this year. C.R. Bard has agreed to pay up to $80 million for revenue-based milestones through June 2015.
Shares of C.R. Bard Inc. rose $1.01 to $112.83 in early trading Monday.
